Hello Traders, I’m back….
The past 3 weeks have been long and gruesome, I’ll be making a youtube video outlining what happens now because I face a difficult decision in my life…
Anyways, welcome to this week’s FX Analysis, anyone excited? Aside from yesterday when NFP data came out, the past 3 weeks look more like ranging or choppy markets. Luckily, all of the FX pairs look to be in a good position to move….
Monthly Chart
Weekly Chart
Daily Chart
H4 Chart
Commentary / Technical Forecast
All of the pairs are at the top/bottom of their respective daily channels, thus this is what I meant by “all of the FX pairs look to be in a good position to move….” These daily channels also represent the conditions that have to hold in order for the forecast to come true. The NFP from yesterday just spiked price up or down to the edge of the channels.
So naturally, price should bounce to the other side of the channel or at least retrace a little before moving onwards. Alternatively, since I haven’t been following news, I don’t know what’s been going on but the NFP might’ve acted as a catalyst for bigger moves. If a bigger move happens, this would result in price breaking out of their respective channels and thus, break the conditions in place.
Until next week, Good Luck Trading!
Brian